Banks

VPBank has helped more than 40,000 women-owned enterprises to gain access to banking loans The award is the IFC's recognition of VPBank as the best issuing-bank partner for small and medium-sized import and export enterprises owned by women in the East Asia and Pacific regions, within the framework of the IFC's Global Trade Finance Program (GTFP). This is the first time that the IFC has granted the award to a Vietnamese bank in order to honor the outstanding achievements of the bank when participating in GTFP. VPBank, along with other award winners, was selected among more than 500 banks from 60 countries and territories across the world. After nearly two years of participation in the GTFP, VPBank has gained impressive achievements in promoting trade finance solutions for import-export and domestic trade activities. As a leading bank in the segment of financing women-owned businesses, VPBank has helped more than 40,000 enterprises to gain access to banking loans. Theo NDO … [Read more...] about IFC names VPBank as best issuing-bank partner for women-owned businesses

A subscriber uses digital banking services on her smart phone As of December 2018, the inter-bank e-payment system has processed approximately 137,600 transanctions, worth a total of 73 quadrillion VND (3.14 trillion USD), equivalent to 13 times the country’s GDP, the State Bank of Vietnam said. … [Read more...] about Huge challenges awaiting digital banking

An employee monitors pipeline of Karaha Unit I geothermal power plant owned by PT Pertamina Geothermal Energy in West Java (Photo: Antara) Jakarta (VNA) – The World Bank (WB) has approved a 150 million USD loan for Indonesia to scale up investments in geothermal energy by reducing the risks of early-stage exploration.  climate-friendly development. Geothermal energy is expected to play a significant role in reducing Indonesia’s greenhouse gas emissions. As a clean and renewable energy source that provides power continuously, geothermal can reduce the country’s dependence on coal-fired power and other fossil fuels. If geothermal resources can be accessed easily, costs are competitive with coal and natural gas. Indonesian Minister of Finance Sri Mulyani said the country’s geothermal sector has vast potential and its current installed geothermal power capacity is already the second largest in the world. Geothermal is environmentally sustainable and … [Read more...] about World Bank supports Indonesia’s geothermal energy development

The Bank of Thailand feels upbeat about the country's economic growth in Q3. (Photo: bangkokpost.com) Bangkok (VNA) – Thailand’s economic growth in the third quarter is likely to improve from the second quarter’s reading, mainly thanks to positive tourism growth and the government’s economic stimulus measures, according to the Bank of Thailand. Senior Director at the BoT’s macroeconomic and monetary policy department Don Nakornthab said GDP growth in the third quarter is expected to surpass 2.3 percent, which was recorded in the second quarter, and the economic expansion was supported by the government’s stimulus package, growth in the tourism sector and exports. Thailand’s economy grew at the slowest pace in almost five years in the second quarter as exports and tourism deteriorated, buffeted by the US-China trade tensions and the strong Thai baht. GDP rose 2.3 percent from a year ago, down from 2.8 percent in the first quarter, the … [Read more...] about Bank of Thailand upbeat about economic growth in Q3

The project aims to strengthen the soundness and resilience of the banking sector by enhancing the capacity of the State Bank of Vietnam (SBV) to address structural weaknesses in the banking system. Specifically, the World Bank will provide technical assistance to implement reforms laid out under the Banking Restructuring Plan 2016-2020 and the subsequent 2025 Banking Sector Strategy. “A healthy banking sector, which is the largest segment of Vietnam’s financial system, is fundamental to the country’s sustainable economic growth. By bringing in world-class expertise in banking sector development, we hope that we can support SBV in successfully implementing the structural reforms they are committed to deliver”, said Ousmane Dione, WB Country Director for Vietnam. Challenges of the banking sector include issues of asset quality, weak capitalization and regulatory constraints that inhibit further investment in the sector. In addition, Vietnamese banks have … [Read more...] about WB, Switzerland support Vietnam’s efforts to enhance banking sector